Nasdaq to Buy Stake in Dutch Derivatives Trading Venue

NASDAQ OMX Group is
buying a 25 percent of a Dutch cash equity and equity derivatives
trading venue, with an option to secure a
majority stake.

NASDAQ OMX Group is
buying a 25 percent of Dutch cash equity and equity derivatives
trading venue TOM, The Order Machine, with an option to secure a
majority stake, the transatlantic exchange operator said late on
Monday.

The investment in TOM, which has a market share of around 15
percent in single stock options in the Netherlands, fits into
Nasdaq's strategy of expanding its derivatives presence across
the European market.

Nasdaq is set to debut NLX, a London-based futures exchange
offering listed derivatives contracts and backed by European
clearing house LCH.Clearnet, in the first quarter of next year.

Nasdaq said it would act as market operator for TOM, and has
signed an eight-year contract with the firm to provide a trading
platform in London.

The New York-based exchange operator did not give the
financial details of the transaction, but said the deal would
not have a material effect on the company.

TOM is co-owned by online discount broker and bank BinckBank
, which provides order flow to the trading venue,
along with electronic market maker Optiver, high-frequency
trading firm IMC, and ABN AMRO.

The agreement includes an option for Nasdaq to acquire an
additional 25.1 percent of TOM's remaining shares to secure a
majority stake.

Upon completion of the transaction, NASDAQ OMX will have one
seat on TOM's supervisory board, and TOM will add one person
from Nasdaq to its management Board. The acquisition is subject
to regulatory approval.